Energy bills to rise for millions as impact of Iran war hits

A household using a typical amount of energy will pay £221 a year more, under the regulator's new price cap.

The European Union has revised its economic outlook, lowering growth forecasts and predicting higher inflation due to sharply higher energy prices from the Iran war, which have led to increased household and business costs.

A new report finds that higher fuel costs from the Iran war have topped $40 billion, more than $300 per household, on top of the Pentagon's estimated $29 billion in direct military expenditures.

Asia's initial buffers against the Iran war’s energy shock are fraying as a second wave of impacts begins to hit, with governments scrambling to adapt to the closure of the Strait of Hormuz, a critical artery for energy flowing to Asia.

UK households will see energy bills rise by more than £200 a year from July, as the effects of the Iran war impact the energy market, with further increases expected in the winter months.

British households will face higher energy bills averaging £1,862 a year from July after regulator Ofgem hiked its price cap by 13% on soaring wholesale gas prices caused by the conflict in the Middle East.